BRICKELL UNDERWRITING AGENCY

Analytics — Daily Results Timeline

26 October 2026 · generated automatically 12:17 ET · environment RMSv24-APR2026 · 100,000-trial simulation · updated every business day

$13,640,467

In-force expected annual loss (AAL, BUA share)

$56,171,162

In-force Risk Capital (TVaR 99.5%)

14.04%

In-force Margin % of Risk Capital

In-force AAL by zone and peril

Date	MX EQ	MX WS	CB EQ	CB WS	CA EQ	CA WS	SA EQ	TOTAL
2026-10-13	1,942,982	1,772,912	464,282	1,601,529	3,599,560	91,471	4,080,810	13,553,546
2026-10-14	1,942,982	1,772,912	463,215	1,599,700	3,668,153	92,126	4,215,236	13,754,325
2026-10-15	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-16	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-19	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-20	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-22	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-23	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-24	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,215,236	13,684,646
2026-10-26	1,942,982	1,772,912	463,215	1,599,700	3,605,484	85,117	4,171,057	13,640,467

Risk Capital tracker

Margin on Risk Capital tracker

Results Tracker — last 10 days

BUA 2024 YOA — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
13-Oct-2026	58,430,726	31,954,053	31,754,181	13,448,104	59,667,274	23.02%	22.54%
14-Oct-2026	58,430,726	31,822,199	31,621,357	13,580,590	59,669,013	23.24%	22.76%
15-Oct-2026	58,430,726	31,822,199	31,621,357	13,580,590	59,669,013	23.24%	22.76%
16-Oct-2026	58,430,726	31,822,199	31,621,357	13,580,590	59,669,013	23.24%	22.76%
19-Oct-2026	58,420,805	31,945,294	31,744,452	13,448,834	59,820,623	23.02%	22.48%
20-Oct-2026	58,420,805	31,945,294	31,744,452	13,448,834	59,820,623	23.02%	22.48%
22-Oct-2026	58,420,805	31,963,489	31,762,648	13,430,639	59,854,591	22.99%	22.44%
23-Oct-2026	58,420,805	31,963,489	31,762,648	13,430,639	59,854,591	22.99%	22.44%
24-Oct-2026	58,420,805	31,963,489	31,762,648	13,430,639	59,854,591	22.99%	22.44%
26-Oct-2026	58,420,805	31,963,489	31,762,648	13,430,639	59,854,591	22.99%	22.44%

BUA 2025 YOA — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
13-Oct-2026	59,105,042	32,789,856	36,545,880	6,979,432	54,430,148	11.81%	12.82%
14-Oct-2026	59,083,089	33,009,314	36,744,424	6,762,515	54,668,674	11.45%	12.37%
15-Oct-2026	59,083,089	33,009,314	36,704,970	6,801,969	54,647,866	11.51%	12.45%
16-Oct-2026	59,083,089	33,125,645	36,793,027	6,713,912	54,749,688	11.36%	12.26%
19-Oct-2026	59,136,761	33,147,309	36,698,479	6,852,815	54,702,839	11.59%	12.53%
20-Oct-2026	59,136,761	33,015,911	36,515,495	7,035,800	54,555,209	11.90%	12.90%
22-Oct-2026	59,139,699	33,073,383	36,504,890	7,048,733	54,569,590	11.92%	12.92%
23-Oct-2026	59,139,699	33,073,383	36,465,655	7,087,968	54,553,518	11.99%	12.99%
24-Oct-2026	59,139,699	33,073,383	36,426,459	7,127,164	54,532,808	12.05%	13.07%
26-Oct-2026	59,139,699	33,073,383	36,348,185	7,205,438	54,491,451	12.18%	13.22%

BUA In Force Portfolio — Daily Results Tracker

Date	G Premium	Current Inc	Ult. Incurred	Final Margin	Risk Cap	Margin % Premium	Margin % Risk Cap
13-Oct-2026	52,892,218	16,910,654	33,099,182	5,639,455	56,451,557	10.66%	9.99%
14-Oct-2026	53,159,733	17,369,279	33,861,325	5,083,301	56,969,314	9.56%	8.92%
15-Oct-2026	52,657,936	17,302,049	33,673,139	4,871,304	56,766,270	9.25%	8.58%
16-Oct-2026	52,657,936	17,353,326	33,643,015	4,901,429	56,372,709	9.31%	8.69%
19-Oct-2026	52,657,161	17,368,201	33,414,547	5,129,951	57,210,760	9.74%	8.97%
20-Oct-2026	52,657,161	17,236,802	33,218,002	5,326,496	56,524,986	10.12%	9.42%
22-Oct-2026	52,694,680	17,315,451	33,200,359	5,374,384	56,019,737	10.20%	9.59%
23-Oct-2026	52,694,680	17,315,451	33,118,324	5,456,419	57,052,434	10.35%	9.56%
24-Oct-2026	52,694,680	17,315,451	33,036,961	5,537,782	56,278,504	10.51%	9.84%
26-Oct-2026	52,502,160	15,175,966	30,534,691	7,883,629	56,171,162	15.02%	14.04%

Simulated vs RMS — Cat TVaR 99.5%

YOA	Sim Gross TVaR	RMS Gross TVaR	Delta %
2020	90,488,592	NA	NA
2021	100,515,437	98,383,195	2.17%
2022	80,975,363	79,856,684	1.40%
2023	71,796,528	71,107,515	0.97%
2024	53,194,272	52,298,860	1.71%
2025	54,353,014	53,291,642	1.99%
Current Portfolio	61,918,893	63,095,530	-1.86%

Cat XL programme effect on the tail

Year of Account	Gross Cat TVaR 99.5%	Cat XL Recovery (Tail avg)	Net Cat Tail Mean
2020	90,488,592	24,207,407	54,922,587
2021	100,515,437	25,116,715	60,204,596
2022	80,975,363	30,559,878	50,380,534
2023	71,796,528	22,745,783	50,368,458
2024	53,194,272	22,756,886	29,214,823
2025	54,353,014	20,693,880	31,914,606
CP	61,918,893	22,662,552	34,140,195

Margin vs Risk Capital by Year of Account

Year of Account	Gross Premium	Deductions (Bkge & Taxes)	(6%)	Cat XL Costs (Incl Reinst Prem)	Current Incurred (ALL)	Cat XL Recovery
2020	55,692,344	5,055,499	2,779,277	1,809,501	28,513,434	0
2021	64,620,984	6,585,277	3,028,566	2,299,122	31,714,339	0
2022	53,104,297	5,881,617	2,936,795	3,276,979	24,040,698	645,765
2023	63,996,206	7,277,350	3,348,600	4,071,437	42,056,218	2,479,868
2024	58,420,805	6,761,576	3,001,740	3,464,203	31,963,489	200,842
2025	59,139,699	8,395,856	3,123,178	4,067,043	33,073,383	1,317,634
CP	52,502,160	7,410,862	2,780,222	3,892,756	15,175,966	444,895

Year of Account	Mature Incurred (BF net of recovery)	Final Net Margin	Risk Capital (TVaR 99.5%)	Cat Tail Mean	Non-Cat Tail Mean	Margin % Gross Premium	Margin % Risk Capital
2020	28,513,434	17,534,633	83,130,843	54,922,587	28,208,256	31.48%	21.09%
2021	31,714,339	20,993,680	89,793,256	60,204,596	29,588,660	32.49%	23.38%
2022	23,394,933	17,613,974	68,384,828	50,380,534	18,004,294	33.17%	25.76%
2023	39,576,349	9,722,470	76,075,754	50,368,458	25,707,296	15.19%	12.78%
2024	31,762,648	13,430,639	59,854,591	29,214,823	30,639,767	22.99%	22.44%
2025	36,348,185	7,205,438	54,491,451	31,914,606	22,576,845	12.18%	13.22%
CP	30,534,691	7,883,629	56,171,162	34,140,195	22,030,967	15.02%	14.04%

CP (Current Portfolio) = all acceptances from past and present YOAs still in-force at Sim Run Date

BF Reserving

BF Audit — ALL Losses (Net of Cat XL Recovery)

YOA	TSI	Current Incurred	Cat XL Recovery	Current loss cost%	5yr ave loss cost	Deviation	Confidence Factor	Tail Adjustment	Est Mature Incurred
2025	271,947,647	31,755,749	1,317,634	11.68%	9.68%	20.58%	57.12%	1.12	36,348,185
CP-2025	81,964,436	9,647,896	444,895	11.77%	9.68%	21.55%	57.12%	1.12	11,038,889
CP-2026	165,603,974	5,083,174	0	3.07%	2.76%	11.16%	28.57%	1.03	19,495,802
Current Portfolio	247,568,410	14,731,070	444,895						30,534,691

BF Audit — NON-CAT Losses

YOA	Current Incurred	Current loss cost%	5yr ave loss cost	Deviation	Confidence Factor	Tail Adjustment	Est Mature Incurred
2025	18,887,837	6.95%	7.83%	-11.25%	57.12%	0.94	21,234,315
CP-2025	6,148,661	7.50%	7.83%	-4.14%	57.12%	0.98	6,886,566
CP-2026	3,795,539	2.29%	2.45%	-6.59%	28.57%	0.98	14,022,529
Current Portfolio	9,944,200						20,909,095

Exposure Analysis

Underwriting Exposure Analysis — YOA Comparison

Exposure Days (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	2,343	4,296	7,495	11,927	16,311	20,076	22,797	24,014	26,295	30,368	34,690	42,416
2021	4,095	5,190	10,073	14,439	17,908	21,914	28,369	31,516	34,979	39,693	43,964	51,202	121%	121%
2022	2,920	5,475	9,125	15,074	19,819	23,785	29,124	30,037	31,222	34,568	38,601	44,928	88%	106%
2023	4,006	6,776	11,340	19,018	29,197	33,137	38,270	40,107	41,887	45,016	49,721	57,082	127%	135%
2024	2,279	4,998	9,042	17,792	26,797	34,564	40,981	43,108	46,074	49,613	54,912	62,607	110%	148%
2025	4,601	7,611	11,502	20,785	27,585	33,881	43,042	43,953	46,508	50,482	56,007	67,327	108%	159%
2026	6,071	8,260	10,976	19,068	25,641	33,838	38,856	39,888	42,539	42,904

Wind Exposure Days

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	% of Total Days	From 2020 YOA
2020	728	1,092	1,820	3,851	4,943	6,028	7,090	7,272	7,908	8,633	9,150	10,788	25.4%
2021	1,301	1,847	3,424	5,608	6,700	7,974	10,102	10,284	10,284	11,072	11,844	13,275	25.9%	123%
2022	910	1,638	2,184	4,732	6,188	7,446	9,403	9,879	9,879	10,243	10,442	11,352	25.3%	105%
2023	364	728	1,820	4,914	8,190	8,918	11,111	11,482	11,664	12,047	12,229	13,503	23.7%	125%
2024	728	1,707	2,799	6,286	9,016	10,654	12,519	12,519	13,291	13,503	13,685	14,595	23.3%	135%
2025	1,092	1,638	2,912	6,221	9,133	10,589	12,503	12,798	12,980	14,034	14,534	16,150	24.0%	150%
2026	1,092	1,638	2,548	4,884	7,250	9,056	10,146	10,146	11,001	11,183

TSI (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	12,791,287	23,772,712	48,422,212	85,653,628	104,653,317	127,070,638	156,098,961	165,566,720	186,217,710	212,196,960	231,977,530	293,489,983
2021	30,462,933	33,712,933	55,592,665	80,638,470	99,004,594	125,499,572	174,245,775	187,369,431	197,355,096	218,453,539	245,296,039	292,760,187	100%	100%
2022	15,197,850	24,397,896	44,973,715	84,965,621	115,077,479	136,124,608	169,677,855	171,727,855	178,911,157	189,842,013	209,189,954	241,224,395	82%	82%
2023	21,032,500	30,689,486	48,287,753	85,314,077	138,202,709	154,444,491	184,416,151	190,745,074	204,360,266	212,462,222	232,503,298	258,709,153	107%	88%
2024	9,032,801	19,689,879	34,804,468	74,575,005	106,330,868	144,061,147	170,121,000	179,644,290	191,673,290	203,700,663	222,608,876	252,220,936	97%	86%
2025	18,841,046	30,448,112	44,917,379	87,377,508	118,131,134	149,751,463	180,601,481	182,726,481	190,249,846	205,109,833	223,375,497	271,947,647	108%	93%
2026	23,272,960	35,522,960	42,924,486	73,825,436	98,625,317	133,464,017	153,938,925	156,788,925	164,353,974	165,603,974

Hurr TSI (Wind Terr)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	% of Total TSI	From 2020 YOA
2020	6,611,287	11,791,912	24,866,412	56,672,828	64,597,828	74,502,718	94,281,041	96,280,968	102,630,968	113,395,968	115,945,968	139,820,968	47.6%
2021	22,190,083	25,440,083	38,760,291	63,806,096	74,461,058	89,526,055	122,189,552	125,189,552	125,189,552	133,604,552	143,354,552	160,642,122	54.9%	115%
2022	9,675,000	14,100,000	19,475,000	55,066,058	71,211,871	84,311,871	106,837,935	108,887,935	108,887,935	111,437,935	115,487,935	125,735,435	52.1%	90%
2023	3,150,000	5,950,000	14,972,027	49,494,851	86,742,653	93,572,653	118,919,313	121,919,313	123,419,313	125,719,313	129,469,313	137,960,813	53.3%	99%
2024	5,066,551	13,941,551	23,841,551	56,077,685	80,447,685	98,206,509	113,503,862	113,503,862	118,132,862	120,632,862	121,757,862	127,395,362	50.5%	91%
2025	8,450,000	14,985,000	24,229,922	58,306,604	82,997,231	99,095,831	110,065,581	111,190,581	111,740,581	121,700,381	124,825,381	136,416,327	50.2%	98%
2026	9,500,000	16,250,000	22,133,257	43,770,395	60,842,895	75,302,895	83,241,409	83,241,409	88,641,409	89,891,409

TIV To BUA (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	1,324,162,380	3,315,086,182	15,203,398,520	18,415,535,229	26,673,877,879	31,533,370,327	38,604,325,145	40,040,615,926	44,099,447,582	60,342,520,855	64,184,272,626	72,961,694,184
2021	21,281,712,756	22,833,405,984	25,100,504,228	27,730,759,080	34,035,167,057	41,913,792,883	53,165,187,817	56,732,420,620	59,525,093,772	61,068,571,827	65,653,421,173	76,103,667,009	104%	104%
2022	2,680,654,500	5,342,812,013	7,396,291,774	13,340,212,369	21,795,123,325	38,986,054,075	45,668,212,510	45,876,006,476	49,057,299,206	49,873,656,678	52,966,490,140	62,217,767,878	82%	85%
2023	3,035,840,404	4,975,028,476	9,165,027,115	15,373,873,701	30,974,057,082	42,261,658,253	49,828,546,129	50,148,872,959	53,994,073,598	55,557,557,596	60,828,901,467	66,620,832,821	107%	91%
2024	1,054,820,045	3,876,638,464	5,961,401,493	14,563,614,580	21,494,417,172	40,290,812,617	46,263,230,623	47,733,047,402	50,980,344,816	56,733,081,876	60,486,472,874	67,392,738,107	101%	92%
2025	3,896,994,209	6,666,575,129	8,812,873,827	20,151,650,020	24,595,573,433	41,232,734,727	44,978,778,666	45,227,222,628	45,952,312,098	48,907,735,546	54,755,592,912	69,011,808,760	102%	95%
2026	4,492,549,816	7,397,124,232	8,298,384,606	14,663,611,990	18,124,947,593	35,675,808,486	37,401,833,431	37,588,539,630	39,744,005,390	39,776,172,636

Gross Premium (All)

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	1,626,888	3,058,275	9,682,667	14,176,886	18,800,838	23,398,374	27,612,998	28,786,774	33,449,702	40,038,723	44,610,148	55,692,344
2021	9,387,309	9,810,027	14,288,133	17,913,767	21,476,199	28,377,610	37,509,576	42,304,741	45,401,080	49,471,630	55,386,154	64,620,984	116%	116%
2022	3,355,133	6,738,868	11,295,684	18,056,361	24,425,603	29,667,067	37,387,612	37,762,851	40,001,320	41,944,642	45,251,903	53,104,297	82%	95%
2023	6,161,739	8,453,685	13,845,017	22,593,690	34,930,208	39,325,446	47,851,116	48,824,041	51,119,073	53,442,410	58,164,913	63,996,206	121%	115%
2024	4,002,958	6,380,353	11,058,353	20,340,508	27,506,511	35,114,678	40,013,732	41,868,852	44,956,522	48,333,913	51,951,803	58,420,805	91%	105%
2025	5,722,708	8,566,887	12,770,873	22,006,221	28,005,393	33,266,378	37,972,478	38,297,408	39,324,895	42,953,810	46,263,488	59,139,699	101%	106%
2026	4,303,484	7,704,721	9,961,086	19,012,705	22,878,340	28,342,012	30,588,611	30,850,118	32,327,544	32,397,018

TSI as % of TIV To BUA

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	0.97%	0.72%	0.32%	0.47%	0.39%	0.40%	0.40%	0.41%	0.42%	0.35%	0.36%	0.40%
2021	0.14%	0.15%	0.22%	0.29%	0.29%	0.30%	0.33%	0.33%	0.33%	0.36%	0.37%	0.38%	96%	96%
2022	0.57%	0.46%	0.61%	0.64%	0.53%	0.35%	0.37%	0.37%	0.36%	0.38%	0.39%	0.39%	101%	96%
2023	0.69%	0.62%	0.53%	0.55%	0.45%	0.37%	0.37%	0.38%	0.38%	0.38%	0.38%	0.39%	100%	97%
2024	0.86%	0.51%	0.58%	0.51%	0.49%	0.36%	0.37%	0.38%	0.38%	0.36%	0.37%	0.37%	96%	93%
2025	0.48%	0.46%	0.51%	0.43%	0.48%	0.36%	0.40%	0.40%	0.41%	0.42%	0.41%	0.39%	105%	98%
2026	0.52%	0.48%	0.52%	0.50%	0.54%	0.37%	0.41%	0.42%	0.41%	0.42%

Annualised Rate = (Prem × Count) / (Days × TSI) × 365

YOA	Jan	Jan–Feb	Jan–Mar	Jan–Apr	Jan–May	Jan–Jun	Jan–Jul	Jan–Aug	Jan–Sep	Jan–Oct	Jan–Nov	Jan–Dec	From Previous YOA	From 2020 YOA
2020	13.8695%	13.1162%	19.4761%	16.7152%	17.2864%	17.7432%	17.2766%	17.1776%	17.7031%	18.5965%	18.8174%	18.6153%
2021	32.9602%	30.6966%	26.0765%	22.4626%	21.6643%	22.2207%	21.3265%	22.2265%	22.3247%	21.8658%	21.5578%	21.0849%	113%	113%
2022	22.0764%	27.6207%	25.1162%	21.0977%	21.1086%	21.7391%	21.8158%	21.6444%	22.2171%	21.9296%	21.6818%	21.8195%	103%	117%
2023	26.6928%	25.2246%	28.6087%	25.9218%	24.6453%	24.6810%	25.2422%	24.9251%	24.6308%	24.6783%	24.4251%	24.2007%	111%	130%
2024	42.5852%	30.7639%	30.7819%	27.4178%	25.3697%	23.9383%	23.2533%	23.0886%	23.2262%	23.2171%	22.6484%	22.5514%	93%	121%
2025	28.9147%	26.9863%	27.9697%	25.2095%	23.8402%	22.2564%	20.6826%	20.5378%	20.1155%	20.1383%	19.8413%	20.6317%	91%	111%
2026	15.5643%	19.1686%	20.8360%	23.1699%	21.1336%	19.2413%	18.1058%	18.0050%	17.8897%	17.8079%

As-At Comparison

Underwriting Exposure — As At 26 October 2026

Showing cumulative values for acceptances incepting on or before 26 Oct in each YOA

Number of Acceptances

YOA	Value	From Previous YOA	From 2020 YOA
2020	84
2021	99	118%	118%
2022	89	90%	106%
2023	117	131%	139%
2024	131	112%	156%
2025	131	100%	156%
2026	107	82%	127%

Exposure Days (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	31,304
2021	37,503	120%	120%
2022	32,682	87%	104%
2023	43,351	133%	138%
2024	48,702	112%	156%
2025	49,606	102%	158%
2026	42,904	86%	137%

TSI (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	223,886,924
2021	207,680,096	93%	93%
2022	184,262,157	89%	82%
2023	208,162,222	113%	93%
2024	199,923,290	96%	89%
2025	202,414,846	101%	90%
2026	165,603,974	82%	74%

Gross Premium (All)

YOA	Value	From Previous YOA	From 2020 YOA
2020	41,533,471
2021	47,528,675	114%	114%
2022	41,044,233	86%	99%
2023	52,277,955	127%	126%
2024	47,211,478	90%	114%
2025	42,627,723	90%	103%
2026	32,397,018	76%	78%

TSI as % of TIV To BUA

YOA	Value	From Previous YOA	From 2020 YOA
2020	0.39%
2021	0.34%	89%	89%
2022	0.37%	108%	97%
2023	0.38%	102%	98%
2024	0.38%	101%	99%
2025	0.42%	109%	108%
2026	0.42%	100%	108%

Annualised Rate = (Prem × Count) / (Days × TSI) × 365

YOA	Value	From Previous YOA	From 2020 YOA
2020	18.1695%
2021	22.0507%	121%	121%
2022	22.1406%	100%	122%
2023	24.7398%	112%	136%
2024	23.1847%	94%	128%
2025	20.2992%	88%	112%
2026	17.8079%	88%	98%

Incurred Losses As-At 26 Oct (by Loss Date)

YOA	Incurred BUA	Claims Count	From 2020 YOA
2020	5,889,083	72
2021	11,632,260	97	198%
2022	9,204,045	96	156%
2023	22,686,855	175	385%
2024	11,640,085	109	198%
2025	10,134,265	165	172%
2026	5,083,174	88	86%

Incurred Losses As-At 26 Oct (by Incurred Year)

Incurred Year	Incurred BUA	Claims Count	From 2020
2020	5,889,083	72
2021	29,708,011	245	504%
2022	24,045,674	291	408%
2023	35,073,177	334	596%
2024	25,226,669	273	428%
2025	20,888,957	313	355%
2026	18,683,901	274	317%

Book Balance As-At 26 Oct (Avg Line Size / Gross Premium)

YOA	Avg Line Size	Gross Premium	Balance %
2020	2,665,321	41,533,471	6.42%
2021	2,097,779	47,528,675	4.41%
2022	2,070,361	41,044,233	5.04%
2023	1,779,164	52,277,955	3.40%
2024	1,526,132	47,211,478	3.23%
2025	1,545,151	42,627,723	3.62%
2026	1,547,701	32,397,018	4.78%

Annualized Book Balance As-At 26 Oct (12-Month Pro-Rata Premium)

YOA	Avg Line Size	Pro-Rata Premium	Balance %
2020	2,574,474	57,482,881	4.48%
2021	2,184,778	60,759,471	3.60%
2022	1,977,249	52,883,572	3.74%
2023	1,690,909	64,659,319	2.62%
2024	1,510,305	57,323,635	2.63%
2025	1,553,987	55,975,574	2.78%
In Force	1,566,889	46,347,554	3.38%

Compression Analysis

BUA 2020–2024 Combined — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate	Non-Cat Incurred	Non-Cat % TSI	All Incurred	All % TSI
≤ 0.200%	79	155,385,270	52,225,602	33.610%	46,809,801	30.125%	49,435,893	31.815%	58,839,541	37.867%
0.201% – 0.300%	72	118,889,081	34,018,763	28.614%	32,545,004	27.374%	5,650,467	4.753%	8,463,949	7.119%
0.301% – 0.400%	48	87,500,179	25,206,198	28.807%	23,558,428	26.924%	10,140,753	11.589%	16,271,196	18.596%
0.401% – 0.500%	43	79,202,053	20,993,830	26.507%	19,836,373	25.045%	6,534,991	8.251%	12,587,190	15.893%
0.501% – 0.600%	57	121,471,295	27,046,684	22.266%	25,825,045	21.260%	11,831,723	9.740%	12,055,698	9.925%
0.601% – 0.700%	37	73,003,625	16,913,299	23.168%	16,668,381	22.832%	4,459,767	6.109%	5,010,976	6.864%
0.701% – 0.800%	35	58,163,538	11,378,966	19.564%	10,669,030	18.343%	1,831,493	3.149%	2,083,419	3.582%
0.801% – 1.000%	59	118,783,024	22,698,747	19.109%	21,078,728	17.746%	7,740,744	6.517%	7,832,183	6.594%
1.001% – 1.250%	38	63,506,447	16,632,950	26.191%	15,929,066	25.083%	11,858,036	18.672%	13,957,967	21.979%
1.251% – 1.500%	26	59,159,390	9,699,435	16.395%	9,449,736	15.973%	2,389,468	4.039%	3,850,996	6.510%
> 1.500%	196	403,340,753	59,020,162	14.633%	57,740,204	14.315%	14,495,763	3.594%	17,335,065	4.298%
Total	690	1,338,404,654	295,834,637	22.104%	280,109,796	20.929%	126,369,098	9.442%	158,288,179	11.827%

BUA 2026 YOA — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate
≤ 0.200%	11	17,690,613	4,888,199	27.632%	4,265,389	24.111%
0.201% – 0.300%	5	6,259,693	1,968,399	31.446%	1,893,056	30.242%
0.301% – 0.400%	9	17,555,274	3,910,310	22.274%	3,816,091	21.738%
0.401% – 0.500%	7	14,100,911	2,615,403	18.548%	2,389,228	16.944%
0.501% – 0.600%	8	14,020,992	3,692,341	26.334%	3,240,648	23.113%
0.601% – 0.700%	6	9,500,000	1,660,933	17.484%	1,660,933	17.484%
0.701% – 0.800%	6	6,379,329	966,692	15.154%	871,500	13.661%
0.801% – 1.000%	8	13,043,750	2,623,303	20.112%	2,563,467	19.653%
1.001% – 1.250%	6	8,227,531	1,391,645	16.914%	1,342,056	16.312%
1.251% – 1.500%	9	19,425,000	3,536,674	18.207%	3,115,875	16.041%
> 1.500%	32	39,400,880	5,143,120	13.053%	4,748,329	12.051%
Total	107	165,603,974	32,397,018	19.563%	29,906,572	18.059%

BUA In-Force Portfolio — Compression Analysis

Compression Band	Count	Aggregate TSI	Total Premium	Rate (Prem/TSI)	Annualised Premium	Annualised Rate
≤ 0.200%	19	29,434,642	9,381,084	31.871%	7,709,970	26.194%
0.201% – 0.300%	12	19,071,358	6,552,183	34.356%	5,385,817	28.240%
0.301% – 0.400%	17	30,889,093	7,435,590	24.072%	7,099,369	22.983%
0.401% – 0.500%	12	23,066,730	4,496,146	19.492%	4,050,935	17.562%
0.501% – 0.600%	12	18,723,703	4,867,673	25.997%	4,089,123	21.839%
0.601% – 0.700%	8	12,212,500	2,117,936	17.342%	1,965,066	16.091%
0.701% – 0.800%	7	7,729,329	1,219,981	15.784%	1,040,514	13.462%
0.801% – 1.000%	10	17,043,750	3,425,142	20.096%	3,253,232	19.088%
1.001% – 1.250%	8	11,977,531	1,825,810	15.244%	1,776,221	14.830%
1.251% – 1.500%	11	21,925,000	3,877,934	17.687%	3,395,875	15.489%
> 1.500%	42	55,494,774	7,302,680	13.159%	6,476,176	11.670%
Total	158	247,568,410	52,502,160	21.207%	46,242,297	18.679%

Margin League Tables

Occupancy League — YOA 2020–2025 Combined

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Break-even Delta	Delta vs B/E	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression	Premium Years	Years Impacted	Total Impacts	Non-Cat Impacts
Airplane Hangars	27.560%	2.936%	0.000%	24.624%	7.263%	17.361%	2	428,376	269,847	6.230%	0.000%	1.664%	1	1	1	0
Highway	23.412%	0.471%	0.471%	22.942%	6.170%	16.771%	2	678,710	486,197	0.173%	0.173%	0.236%	1	1	12	12
Heavy fabrication and assembly	21.878%	0.000%	0.000%	21.878%	5.766%	16.112%	1	292,388	215,330	0.000%	0.000%	4.410%	1	0	0	0
Telephone and telegraph	24.213%	3.408%	0.759%	20.804%	5.109%	15.695%	21	12,676,079	8,216,936	1.164%	0.386%	0.619%	5	5	62	57
Universities, colleges and techschools	22.479%	1.853%	0.855%	20.626%	5.109%	15.517%	11	3,148,989	2,173,690	0.912%	0.549%	1.331%	5	5	23	20
Primary and secondary schools	18.615%	0.000%	0.000%	18.615%	4.906%	13.709%	2	605,000	445,554	0.000%	0.000%	0.747%	1	0	0	0
Construction	58.021%	32.923%	0.545%	25.098%	12.418%	12.680%	4	7,369,978	1,610,605	5.412%	0.210%	0.380%	4	3	22	9
Sea and inland waterways	23.516%	6.677%	2.016%	16.839%	4.938%	11.901%	8	2,694,716	1,363,760	4.177%	1.722%	0.759%	3	2	16	14
Petroleum	19.796%	3.672%	2.537%	16.125%	4.311%	11.814%	40	17,003,875	10,147,133	5.242%	4.595%	0.507%	6	6	26	24
Metal and minerals processing	17.229%	2.292%	2.292%	14.937%	3.447%	11.490%	15	5,740,487	3,828,366	3.946%	3.946%	0.736%	6	5	17	17
Natural gas	15.545%	0.000%	0.000%	15.545%	4.097%	11.448%	2	687,886	506,596	0.000%	0.000%	0.307%	1	0	0	0
General commercial	16.298%	1.976%	1.976%	14.322%	4.011%	10.312%	6	1,178,783	745,796	11.909%	11.909%	0.378%	4	1	2	2
Gasoline Stations	12.001%	0.292%	0.292%	11.709%	2.647%	9.062%	5	696,041	525,593	0.846%	0.846%	1.297%	3	2	5	5
Mining	22.022%	9.312%	9.305%	12.710%	4.580%	8.129%	72	38,066,355	14,052,316	19.425%	19.942%	1.302%	6	6	35	34
Health care services	10.780%	0.843%	0.843%	9.937%	2.385%	7.552%	8	1,866,257	1,307,409	0.714%	0.714%	1.162%	5	2	9	9
General services	20.244%	8.254%	3.261%	11.989%	4.496%	7.493%	54	15,878,377	5,877,482	2.754%	1.672%	1.034%	6	6	163	154
Temporary lodging	17.974%	7.890%	0.790%	10.084%	3.960%	6.124%	92	34,524,824	11,762,654	4.881%	0.932%	1.366%	6	6	194	130
Sanitary sewer	26.307%	14.184%	14.138%	12.122%	6.933%	5.189%	2	887,848	175,136	6.383%	8.483%	0.554%	1	1	4	3
Electrical	22.953%	12.900%	12.286%	10.053%	4.973%	5.079%	285	116,962,900	25,884,086	8.156%	7.985%	1.646%	6	6	471	452
Apartment/Condo	27.787%	16.044%	16.044%	11.743%	7.323%	4.420%	5	3,028,819	481,800	11.659%	11.659%	0.505%	1	1	6	6
Food and drug processing	23.053%	14.166%	11.415%	8.887%	4.964%	3.923%	89	39,607,611	6,740,507	3.300%	2.941%	0.955%	6	6	474	452
Communication	13.147%	8.866%	0.282%	4.281%	3.465%	0.816%	4	545,617	33,880	24.529%	1.561%	0.556%	1	1	2	1
Railroad	16.440%	15.281%	15.281%	1.159%	3.593%	-2.434%	14	3,817,738	-565,136	2.594%	2.594%	1.115%	6	6	82	82
Retail trade	30.522%	26.345%	13.585%	4.177%	6.842%	-2.666%	35	18,898,046	-1,650,426	3.341%	1.925%	0.363%	6	6	257	236
Chemical processing	22.533%	21.936%	20.719%	0.598%	4.736%	-4.138%	62	20,684,615	-3,798,491	12.856%	12.017%	1.324%	6	6	69	65
General industrial	19.138%	21.583%	21.583%	-2.445%	4.692%	-7.137%	11	2,632,481	-981,684	27.994%	27.994%	3.253%	5	2	6	6
Flood control	15.606%	18.634%	18.634%	-3.028%	4.113%	-7.141%	1	243,848	-111,570	0.981%	0.981%	0.610%	1	1	19	19
Air	20.922%	23.871%	0.800%	-2.948%	4.669%	-7.617%	7	2,543,589	-926,059	14.381%	0.547%	0.852%	5	5	16	10
Water	17.207%	38.395%	24.157%	-21.188%	4.535%	-25.723%	5	1,584,105	-2,368,147	5.125%	3.089%	0.654%	1	1	48	47

Occupancy League — Last 365 Days

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Break-even Delta	Delta vs B/E	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression
Retail trade	26.972%	0.602%	0.376%	26.371%	2.480%	23.891%	10	3,772,318	3,341,315	0.381%	0.247%	0.355%
Heavy fabrication and assembly	45.000%	21.800%	21.800%	23.200%	0.000%	23.200%	1	900,000	464,000	21.800%	21.800%	0.258%
Sanitary sewer	21.712%	0.870%	0.870%	20.843%	0.000%	20.843%	4	1,494,886	1,435,009	0.369%	0.369%	0.419%
Chemical processing	20.499%	0.000%	0.000%	20.499%	0.524%	19.975%	5	1,078,965	1,051,394	0.000%	0.000%	0.826%
Temporary lodging	20.507%	0.888%	0.348%	19.619%	0.567%	19.052%	17	6,277,156	5,831,737	1.514%	1.284%	1.252%
Food and drug processing	26.222%	3.392%	3.392%	22.830%	4.339%	18.491%	15	5,150,491	3,631,992	0.536%	0.536%	0.902%
Highway	17.844%	0.000%	0.000%	17.844%	0.000%	17.844%	2	373,275	373,275	0.000%	0.000%	0.427%
Telephone and telegraph	16.500%	0.000%	0.000%	16.500%	0.000%	16.500%	1	193,050	193,050	0.000%	0.000%	2.819%
Petroleum	18.085%	1.374%	1.374%	16.711%	1.143%	15.568%	5	1,591,497	1,369,997	1.151%	1.151%	0.319%
Electrical	20.673%	4.609%	4.556%	16.064%	1.324%	14.739%	45	13,011,907	9,277,444	5.883%	6.319%	1.785%
Primary and secondary schools	19.044%	0.713%	0.713%	18.331%	3.631%	14.700%	2	642,750	496,126	1.070%	1.070%	0.992%
Mining	20.756%	3.661%	3.661%	17.095%	2.537%	14.558%	10	4,353,996	3,053,779	24.000%	24.000%	0.837%
Apartment/Condo	12.958%	0.000%	0.000%	12.958%	0.000%	12.958%	2	453,519	453,519	0.000%	0.000%	2.492%
Air	12.857%	0.000%	0.000%	12.857%	0.000%	12.857%	1	315,000	315,000	0.000%	0.000%	1.341%
Airplane Hangars	17.930%	3.460%	0.000%	14.469%	1.741%	12.728%	2	669,156	475,022	4.438%	0.000%	1.123%
General commercial	15.095%	0.000%	0.000%	15.095%	2.646%	12.449%	2	603,808	497,963	0.000%	0.000%	0.639%
Water	12.222%	0.000%	0.000%	12.222%	0.000%	12.222%	2	275,000	275,000	0.000%	0.000%	0.621%
Natural gas	15.545%	0.000%	0.000%	15.545%	4.097%	11.448%	2	687,886	506,596	0.000%	0.000%	0.307%
General industrial	11.278%	0.000%	0.000%	11.278%	0.712%	10.566%	4	625,943	586,411	0.000%	0.000%	4.033%
Communication	13.714%	0.000%	0.000%	13.714%	3.614%	10.100%	1	137,143	100,999	0.000%	0.000%	0.401%
Metal and minerals processing	10.869%	0.000%	0.000%	10.869%	1.262%	9.607%	2	144,103	127,371	0.000%	0.000%	0.289%
Health care services	10.564%	0.091%	0.091%	10.473%	1.076%	9.397%	3	647,019	575,571	0.111%	0.111%	0.780%
Railroad	19.612%	11.925%	11.925%	7.687%	5.169%	2.518%	1	275,456	35,369	11.925%	11.925%	0.332%
General services	24.199%	20.909%	1.486%	3.290%	3.604%	-0.314%	12	5,234,673	-67,840	33.905%	3.165%	0.752%

Insured Country League — YOA 2020–2025 Combined

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Break-even Delta	Delta vs B/E	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression	Premium Years	Years Impacted	Total Impacts	Non-Cat Impacts
Curacao	25.000%	0.000%	0.000%	25.000%	4.609%	20.391%	1	312,500	254,890	0.000%	0.000%	0.623%	1	0	0	0
Spain	24.000%	0.000%	0.000%	24.000%	4.156%	19.844%	1	598,800	495,105	0.000%	0.000%	0.091%	1	0	0	0
Panama	20.377%	0.000%	0.000%	20.377%	3.756%	16.620%	1	152,825	124,652	0.000%	0.000%	0.761%	1	0	0	0
Guyana	21.050%	0.000%	0.000%	21.050%	5.034%	16.016%	3	731,486	556,563	0.000%	0.000%	1.716%	3	0	0	0
Bahamas	37.799%	14.201%	14.106%	23.599%	8.406%	15.193%	12	5,957,961	2,394,714	31.889%	38.067%	0.998%	6	4	6	5
Puerto Rico	23.556%	3.894%	2.125%	19.662%	5.149%	14.513%	37	15,385,809	9,479,562	2.986%	2.144%	1.082%	6	6	43	38
Venezuela	16.664%	0.000%	0.000%	16.664%	3.154%	13.509%	3	3,377,552	2,738,237	0.000%	0.000%	1.358%	2	0	0	0
Trinidad and Tobago	16.119%	0.000%	0.000%	16.119%	3.466%	12.654%	5	1,009,880	792,755	0.000%	0.000%	0.752%	5	0	0	0
Bolivia	16.971%	0.694%	0.694%	16.277%	3.731%	12.546%	8	1,875,747	1,386,652	0.197%	0.197%	0.708%	6	1	13	13
USVI (United States Virgin Islands)	16.860%	2.239%	2.125%	14.620%	3.329%	11.291%	7	1,449,920	971,033	9.606%	18.275%	2.380%	5	2	2	1
Cayman Islands	15.050%	0.227%	0.227%	14.823%	3.966%	10.857%	1	376,251	271,425	0.113%	0.113%	2.099%	1	1	2	2
Peru	24.219%	8.236%	7.718%	15.983%	5.147%	10.836%	71	30,563,534	13,674,470	2.686%	2.814%	1.023%	6	6	271	249
El Salvador	17.820%	4.074%	1.378%	13.745%	3.793%	9.952%	11	3,530,003	1,971,561	20.571%	9.496%	2.401%	6	3	3	2
Argentina	22.287%	9.400%	9.370%	12.887%	4.801%	8.085%	74	24,706,163	8,963,146	14.917%	15.530%	0.854%	6	6	70	67
Haiti	10.202%	0.000%	0.000%	10.202%	2.422%	7.781%	3	198,233	151,178	0.000%	0.000%	12.525%	3	0	0	0
Costa Rica	20.783%	8.297%	8.297%	12.486%	4.850%	7.636%	13	6,158,920	2,262,799	5.034%	5.034%	0.479%	6	2	12	12
Ecuador	23.049%	10.537%	10.175%	12.512%	5.078%	7.434%	60	27,675,173	8,926,188	2.828%	2.815%	1.084%	6	6	208	201
Mexico	24.083%	13.788%	6.235%	10.295%	5.196%	5.099%	213	107,538,943	22,768,999	7.462%	4.467%	1.174%	6	6	421	318
Dominican Republic	17.059%	9.076%	7.187%	7.983%	3.768%	4.215%	35	10,103,205	2,496,175	6.342%	4.128%	1.910%	6	6	45	43
Brazil	19.387%	11.266%	11.266%	8.121%	4.118%	4.004%	81	28,581,383	5,902,107	4.368%	4.368%	1.471%	6	6	218	218
Colombia	16.312%	9.337%	6.560%	6.974%	3.670%	3.304%	78	25,858,697	5,237,262	3.563%	2.393%	1.184%	6	6	223	217
Canada	21.938%	16.379%	16.379%	5.559%	3.920%	1.638%	6	3,538,012	264,224	36.433%	36.433%	2.330%	4	2	3	3
Guatemala	23.505%	18.217%	17.148%	5.288%	5.196%	0.092%	61	25,010,651	97,873	3.507%	3.425%	1.106%	6	6	322	305
Jamaica	18.409%	15.195%	0.000%	3.214%	4.304%	-1.090%	12	3,057,041	-181,056	80.277%	0.000%	0.782%	6	1	3	0
Chile	28.198%	26.158%	26.157%	2.041%	6.446%	-4.406%	47	19,558,797	-3,055,887	6.521%	6.567%	0.857%	6	6	140	139
Honduras	16.960%	19.053%	19.049%	-2.093%	3.589%	-5.682%	19	7,139,373	-2,391,847	10.338%	10.680%	3.256%	6	5	31	30
Bermuda	29.304%	27.988%	8.178%	1.317%	7.073%	-5.757%	2	527,475	-103,620	12.399%	4.822%	1.396%	2	2	5	3

Insured Country League — Last 365 Days

Name	Premium Rate on TSI	Incurred Loss Rate on TSI	Non-Cat Loss Rate on TSI	Delta	Break-even Delta	Delta vs B/E	Acceptances	Gross Premium	Profit	Avg Severity	NC Avg Severity	Avg Compression
Honduras	51.364%	0.002%	0.002%	51.363%	0.000%	51.363%	3	1,592,295	1,592,245	0.007%	0.007%	3.603%
Jamaica	24.282%	0.000%	0.000%	24.282%	0.000%	24.282%	4	1,120,000	1,120,000	0.000%	0.000%	1.455%
Guatemala	30.118%	3.421%	3.421%	26.697%	4.120%	22.577%	8	3,237,664	2,426,977	0.605%	0.605%	1.992%
Bahamas	21.213%	0.231%	0.231%	20.982%	0.000%	20.982%	3	742,444	734,364	0.505%	0.505%	1.376%
Guyana	19.500%	0.000%	0.000%	19.500%	0.000%	19.500%	1	204,750	204,750	0.000%	0.000%	1.650%
Mexico	22.470%	2.520%	2.462%	19.949%	0.895%	19.054%	35	12,228,044	10,369,368	4.094%	4.408%	0.856%
Chile	22.452%	1.188%	1.188%	21.264%	3.297%	17.967%	12	4,230,259	3,385,223	1.236%	1.236%	0.854%
Costa Rica	17.466%	0.001%	0.001%	17.465%	0.000%	17.465%	3	1,436,558	1,436,496	0.002%	0.002%	0.334%
Bermuda	16.500%	0.000%	0.000%	16.500%	0.000%	16.500%	1	193,050	193,050	0.000%	0.000%	2.819%
El Salvador	15.000%	0.000%	0.000%	15.000%	0.000%	15.000%	1	304,500	304,500	0.000%	0.000%	0.512%
Peru	21.933%	3.875%	3.875%	18.058%	3.235%	14.823%	11	5,055,481	3,416,799	2.944%	2.944%	1.145%
Puerto Rico	15.487%	0.253%	0.253%	15.234%	1.290%	13.944%	6	1,471,269	1,324,644	1.070%	1.070%	1.530%
Bolivia	12.785%	0.000%	0.000%	12.785%	0.000%	12.785%	1	326,016	326,016	0.000%	0.000%	1.422%
Ecuador	19.123%	5.552%	5.552%	13.571%	0.796%	12.775%	14	4,541,603	3,034,054	1.915%	1.915%	0.874%
Argentina	18.091%	3.311%	3.123%	14.780%	3.533%	11.247%	14	3,242,371	2,015,879	6.633%	9.338%	0.773%
Dominican Republic	13.939%	0.233%	0.233%	13.706%	2.509%	11.197%	6	758,961	609,651	0.449%	0.449%	2.027%
Cayman Islands	11.520%	0.648%	0.648%	10.872%	0.000%	10.872%	1	144,000	135,900	0.648%	0.648%	2.180%
Brazil	14.985%	3.269%	3.269%	11.716%	0.949%	10.767%	10	2,231,682	1,603,507	9.673%	9.673%	0.553%
Haiti	9.000%	0.000%	0.000%	9.000%	0.000%	9.000%	1	45,000	45,000	0.000%	0.000%	12.698%
Colombia	20.307%	16.968%	1.237%	3.338%	2.913%	0.426%	16	5,803,047	121,672	24.264%	2.554%	1.198%